RAWALPINDI:
The Board of Revenue’s Registration Branch has formally announced new property tax rates through a gazette notification, leading to the restoration of the online property registration system. Registry operations, which had been suspended for the past three weeks, have now resumed.
According to the new notification, the capital gains tax on the DC rate value of properties has significantly increased. For properties worth up to Rs50 million, active filers will now pay a tax rate of 4.5% (up from 3%), while late filers face a charge of 7.5% (previously 6%). Non-filers will incur an 11.5% rate.
For properties valued between Rs50 million and Rs100 million, the tax rate is set at 5% for active filers and 8.5% for late filers. Properties exceeding Rs100 million will be subject to a tax rate of 5.5%. In contrast, the advance tax for buyers has been adjusted. For properties valued up to Rs50 million, active filers will benefit from a reduced tax rate of 1.5% (down from 3%), while late filers will pay 4.5% (down from 6%). Non-filers in this bracket will be charged 10.5%.
For properties valued between Rs50 million and Rs100 million, active filers will pay 2%, late filers will pay 5.5%, and non-filers will incur a substantial charge of 14.5%. Properties worth over Rs100 million will have a tax rate of 2.5% for active taxpayers and 5.5% for late filers.